December 16th, 2013 (InsideCostaRica.com) Today is the last day that businesses and the self-employed can pay tax without facing a penalty, as December 15th fell on a Sunday. Those who miss the deadline face harsher penalties this year.
Statistics show that most people in Costa Rica procrastinate the filing of their tax returns. In 2012, tax authorities received 76% of tax returns in the final two days before the deadline.
Increases in penalties this year
An inaccurate tax return could mean a fine of up to 150% on the total amount left to pay, up from 25% to 75% last year.
Failure to file a tax statement at all brings a fine of up to 10 minimum wages.
Late payment of tax comes with penalties of 13% annually. Additionally, the National Registry will not issue legal documents for corporations who are behind in their tax.
If taxes are not paid for three consecutive tax periods, the company can be forcefully dissolved.
If you own a corporation in Costa Rica, you can view taxes owed on your corporation on the web site of the National Registry, www.rnpdigital.com.